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Equity Bottom-Up

<ul><li>Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it back</li><li>Overall, B2C GoV grew ~38/7.6% YoY/QoQ respectively</li><li>In FD, MTU addition/GOV growth was largely in line with expectations (up 19% YoY), with stable take rates</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it backOverall, B2C GoV grew ~38/7.6% YoY/QoQ respectivelyIn FD, MTU addition/GOV growth was largely in line with expectations (up 19% YoY), with stable take ratesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (3QFY25): Quick Commerce Burn Deepens. Maintain REDUCE

<ul><li>In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)</li><li>The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD &amp; QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)</li><li>Overall, B2C GoV grew ~30/11% YoY/QoQ respectively</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD &amp; QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)Overall, B2C GoV grew ~30/11% YoY/QoQ respectivelyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

<ul><li>Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)</li><li>In Food Delivery (FD), Swiggy appears to be 4-6 quarters behind Zomato</li><li>However, unless it increases MTU additions, we suspect Swiggy may continue to lag Zomato in GOV growth as other KPIs seem maxed out</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)In Food Delivery (FD), Swiggy appears to be 4-6 quarters behind ZomatoHowever, unless it increases MTU additions, we suspect Swiggy may continue to lag Zomato in GOV growth as other KPIs seem maxed outContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (Initiating Coverage): Relegated to Second Fiddle. ADD

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Swiggy (3QFY25): Quick Commerce Burn Deepens. Maintain REDUCE

Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it back. Overall, B2C GoV grew ~38/7.6% YoY/QoQ...

HDFC Securities

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)

HDFC Securities

Swiggy (Initiating Coverage): Relegated to Second Fiddle. ADD

Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)

HDFC Securities

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